other material
confidence high
sentiment neutral
materiality 0.55
Greenland Energy rebuts Fugazi Research short report, says 13B-barrel figure is high-end 3U prospective resource
Greenland Energy Co
- Letter states GLND has no earnings, no production, no proved reserves and has not drilled its first well; 13B-barrel 3U case is unrisked, with 1.1B low and 4.2B best estimates from Sproule ERCE.
- Company says Fugazi miscast burn: $4.6M six-month operating cash use versus $17.5M capitalized into the asset and $10.5M in prepaid exploration costs and deposits.
- GLND raised about $70M cash from share and warrant sales; warrants at $5.00 and $15.00 strikes would bring roughly $110M if fully exercised.
- Company paid £500,000 to preserve its right to earn up to a 70% working interest for two more years; environmental baseline work at the planned well site was approved in August.
- Letter cites $231,000 in the bank behind the going-concern note, MaloneBailey's PCAOB matter over quality controls, not-yet-effective internal controls, and director Carol Craig.